The sale of RespondWell LLC for an undisclosed sum was the first exit recorded by venture capital firm Michigan Accelerator Fund. While not a big win and generating only a moderate return on investment, the deal was still a success for Michigan Accelerator Fund and the first investment that went “full cycle,” said Dale Grogan, the fund’s co-managing director and a partner at Charter Capital Partners in Grand Rapids.
“We were thrilled with it,” Grogan said. “It shows that we can assess the opportunities, invest prudently, and help coach the company to an exit.”
Formed in 2010 with $6 million in state seed funding and $9.1 million raised from private investors, Michigan Accelerator Fund invested in 10 portfolio companies and has essentially deployed all of its capital. Michigan Accelerator raised another $5 million this year for a subsequent fund, MAF Opportunity Fund, to provide follow-on investments to portfolio companies. more